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2014-10-27

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To ask the Secretary of State for International Trade, what assessment he has made
of recent trends of the level of foreign direct investment into the UK FinTech industry
in the (a) 2017-18 and (b) 2016-17 financial years.

<p>The information regarding FDI is not held centrally and could only be obtained
at disproportionate cost.</p><p> </p><p>Last year British FinTech’s attracted more
venture capital funding than any other European country once again totalling $1.73
billion across 261 deals.</p>

<p>Green bridges are structures designed to provide wildlife and non-motorised users
with easy and safe crossing of main roads and railways.</p><p> </p><p>In 2015, Natural
England published a review of the literature on green bridges. The review looked at
53 case studies from Europe and North America and found evidence that, in the majority
of cases, green bridges were utilised by wildlife, although an assessment of their
effectiveness in conserving wildlife populations was limited by the lack of long-term
monitoring data. Guidance on the design of green bridges was also published by the
Landscape Institute based on research undertaken by Natural England.</p><p> </p><p>In
2015, the Government published research which included an assessment of the A21 Scotney
Caste Green Bridge, constructed by the then Highways Agency, which found that of all
incidences of bats crossing the road to and from the Scotney Castle Estate, 97 per
cent used the green bridge. At least five bat species were recorded foraging over
the bridge which was also used by deer, badger and breeding dormice.</p><p> </p><p>The
Government will keep the evidence for the effectiveness of these structures under
review as new green bridges are planned and implemented.</p>

<p>Domestic biodiversity policy is a devolved matter. The UK government has a range
of performance indicators for England, although we do also work with the devolved
administrations to compile indicators at UK scale for international reporting.</p><p>
</p><p>In June 2019 the Department for Environment, Food and Rural Affairs published
its <a href="https://www.gov.uk/government/publications/department-for-environment-food-and-rural-affairs-single-departmental-plan/department-for-environment-food-and-rural-affairs-single-departmental-plan-may-2018"
target="_blank">Single Departmental Plan</a> which includes biodiversity performance
indicators for England, including: extent of marine protected areas and condition
of protected sites and priority habitat.</p><p> </p><p>In May of this year, the Government
published a <a href="https://www.gov.uk/government/publications/25-year-environment-plan"
target="_blank">new indicator framework</a> for the 25 Year Environment Plan, setting
out a transparent, comprehensive framework that shows how the environment in England
is changing and whether it is improving over time. These indicators include diversity
and health of our seas, wildlife and wild places, and nature on land and water.</p><p>
</p><p>To support reporting of progress across the whole of the UK, the government
publishes a set of <a href="https://www.gov.uk/government/statistics/biodiversity-indicators-for-the-uk"
target="_blank">UK Biodiversity Indicators,</a> updated annually. These measure long
term trends in the UK’s biodiversity and progress against our international commitments
under the Convention on Biological Diversity.</p>

<p>HM Revenue and Customs (HMRC) publishes annual statistics relating to income tax,
VAT and corporation tax by industry (including the Financial and Insurance Activities
Sector). However, HMRC cannot identify receipts from the UK FinTech industry specifically.</p><p>
</p><p>For other taxes, industry-level information is not available.</p><p> </p><p>For
business rates, the Ministry of Housing, Communities &amp; Local Government collects
data only at local authority level and is unable to provide a breakdown by industry.</p>

The Government established the Cryptoassets Taskforce – comprised of HM Treasury,
the Financial Conduct Authority and the Bank of England – in 2018 to explore the risks
and potential benefits of cryptoassets and the underlying distributed ledger technology
(DLT). The Taskforce’s final report<sup><sup>[1]</sup></sup> concluded that benefits
associated with the use of cryptoassets may arise in the future, but that the most
immediate priorities for the authorities are to mitigate the risks posed by cryptoassets
to consumers and markets, and to prevent the use of cryptoassets for illicit activity.
As part of this, the Government will consult on its approach to cryptoassets this
year. In addition, the authorities continue to encourage the responsible development
of legitimate DLT and cryptoasset-related activity in the UK.<p> </p><p>[1] Full version
of the report is available at: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf"
target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf</a></p>

To ask the Chancellor of the Exchequer, what key performance indicators his Department
uses to assess the performance of Open Banking; and what recent assessment he has
made of the performance of Open Banking.

<p>The independent Open Banking Implementation Entity (OBIE) is responsible for assessing
the performance of Open Banking, and HM Treasury’s view is informed by their assessment.</p><p>
</p><p>The OBIE’s latest published assessment of Open Banking performance, made in
March 2019, shows that in that month the average availability of Open Banking APIs
was 97%, the average response time was 798 milliseconds, and that 38.2 million successful
API calls had been made, representing over 97% of the total number of calls made to
APIs.</p>

<p>The Government Digital Service undertook a landscape review of technology innovation,
including distributed ledger technology across government in August 2018. Additionally
the recently launched Government Technology Innovation Strategy provides recent examples
of distributed ledger technology within government and will provide a building block
for departments to harness the opportunity presented by emerging technologies.</p>

<p>Cellular agriculture has the potential to transform how we produce some foods.
Advances in science may allow us to create traditional animal products away from traditional
farm settings, from gelatine and egg whites to milk and even meat. Such methods of
production also have the potential to reduce climate emissions, especially when harnessing
renewable energy supplies. Whilst Defra has not yet assessed the potential of this
technology on reducing greenhouse gas emissions, through the £90 million Industrial
Strategy Challenge Fund Transforming Food Production challenge we will focus on innovation
and research around agriculture, productivity and sustainability.</p><p>The environmental
impacts of food are complex and span the whole supply chain. Defra undertakes and
coordinates research across the whole food system to enhance productivity, enhance
food quality, increase efficiency, and reduce waste, from primary production through
to manufacturing, retail, distribution and the consumer.</p><p>The Government is committed
to publishing a National Food Strategy when we leave the European Union. This will
help ensure that our food system delivers healthy and affordable food for all people,
and is built upon a resilient and sustainable agriculture sector which considers its
climate impact.</p>

<p>The information requested on cyber spending covers sensitive detail about cyber
security investment for the National Health Service. In this instance, releasing this
information at the level of any annual breakdown may assist in determining the effectiveness
of detecting cyber-attacks on the NHS, and could compromise measures to protect NHS
IT systems, leaving them vulnerable to future cyber-attacks.</p><p>However, in total,
over £250 million will have been invested nationally to improve the cyber security
of the health and care system between 2016 and 2021. This excludes both investment
by local organisations, and wider national IT investment which supports better security
such as Microsoft licensing for NHS organisations.</p><p>Regarding the steps taken
to defend against cyber attacks on the NHS, the active cyber defence of NHS organisations
is a local responsibility for each organisation to carry out. However, there is national
support and practical guidance available to NHS organisations which is primarily delivered
by NHS Digital but supported and prioritised for the highest risk organisations by
NHS England and the Department. In the event of national-scale incidents that affect
many health and care organisations, NHS Digital plays a vital role in coordinating
and ensuring appropriate technical remediation, as part of the wider cross-system
cyber security response led by the Department.</p>

<p>The information requested on cyber spending covers sensitive detail about cyber
security investment for the National Health Service. In this instance, releasing this
information at the level of any annual breakdown may assist in determining the effectiveness
of detecting cyber-attacks on the NHS, and could compromise measures to protect NHS
IT systems, leaving them vulnerable to future cyber-attacks.</p><p>However, in total,
over £250 million will have been invested nationally to improve the cyber security
of the health and care system between 2016 and 2021. This excludes both investment
by local organisations, and wider national IT investment which supports better security
such as Microsoft licensing for NHS organisations.</p><p>Regarding the steps taken
to defend against cyber attacks on the NHS, the active cyber defence of NHS organisations
is a local responsibility for each organisation to carry out. However, there is national
support and practical guidance available to NHS organisations which is primarily delivered
by NHS Digital but supported and prioritised for the highest risk organisations by
NHS England and the Department. In the event of national-scale incidents that affect
many health and care organisations, NHS Digital plays a vital role in coordinating
and ensuring appropriate technical remediation, as part of the wider cross-system
cyber security response led by the Department.</p>

<p>At the end of April 2019 the total number of Cyber Essentials certificates awarded
to organisations was 26,712. Of these, (a) 21,948 were awarded at Cyber Essentials
level and (b) 4,764 were awarded at Cyber Essentials Plus level.</p>

<p>An independent academic evaluation of the effectiveness of Cyber Essentials found
that its security controls work well to mitigate the vast majority of Internet-based
threats. These security controls are kept under continual review. The primary objective
for Cyber Essentials is to help all organisations mitigate cyber security risks, especially
small and medium-sized organisations. The Government continues to work to ensure Cyber
Essentials has the greatest impact for the majority of the target audience and is
currently developing the scheme to ensure a) the journey to certification is as simple
as possible, and b) the technical controls remain fit for purpose in the ever-changing
cyber threat landscape.</p><p> </p><p> </p>

<p>An independent academic evaluation of the effectiveness of Cyber Essentials found
that its security controls work well to mitigate the vast majority of Internet-based
threats. These security controls are kept under continual review. The primary objective
for Cyber Essentials is to help all organisations mitigate cyber security risks, especially
small and medium-sized organisations. The Government continues to work to ensure Cyber
Essentials has the greatest impact for the majority of the target audience and is
currently developing the scheme to ensure a) the journey to certification is as simple
as possible, and b) the technical controls remain fit for purpose in the ever-changing
cyber threat landscape.</p><p> </p><p> </p>

To ask the Chancellor of the Exchequer, whether he has made an assessment of the net
fiscal effect on the public purse of the Government’s decision to increase the number
of Tier 5 Exceptional Talent visas from 1,000 to 2,000.

<p>The Treasury has not made an assessment of the net fiscal impact of increasing
the number of Tier 1 Exceptional Talent visas available. In 2018, the number of Exceptional
Talent Visas granted was within the previous quota.</p><p> </p><p>The increase in
quota ensures that we have sufficient headroom in the Exceptional Talent route to
continue to attract highly skilled people from across the globe; and is a demonstration
of the Government’s commitment to ensuring that the UK remains a world-leader in the
digital technology, science, arts and the creative sectors.</p>

<p>The Tier 1 (Exceptional Talent) route is designed for internationally recognised
leaders and promising future leaders in the digital technology, science and research,
arts, humanities and culture sectors. There is no minimum salary requirement for applying
for a visa on this route and the Home Office does not collect salary data.</p>

<p>The Government has introduced a robust and proportionate regulatory regime for
peer-to-peer (P2P) lending, balancing the need for consumer protection with allowing
the sector to grow, innovate and provide competition in the lending market.</p><p>
</p><p>The British Business Bank’s Small Business Finance Markets 2018/19 report sets
out that P2P business lending increased to nearly £2.3bn in 2018, and assesses the
P2P business lending markets in the UK, the USA and China. The report notes that the
increased regulation in the P2P market in the UK has been mostly seen as positive,
in contrast to China where regulators were slow to address the sector, leading to
opportunities for fraudulent activity.</p><p> </p><p>The UK has been independently
ranked by EY and Deloitte as the world’s leading hub for Fintech – the best place
in the world to start and grow a Fintech firm. The Government is committed to ensuring
that it remains the best place in the world for Fintech, and has set out how it intends
to do that in the ambitious Fintech Sector Strategy, launched in March 2018.</p>

To ask the Chancellor of the Exchequer, what assessment he has made of the comparative
merits of flat rate Interchange Fees as opposed to fees proportional to the value
of the transaction; and whether his Department plans to exercise section 7 of the
Interchange Fee (Amendment) (EU Exit) Regulations 2018 to decrease the per transaction
interchange fee.

<p>The Government is open to hearing views on this issue, and digital payments more
broadly, as evidenced by its call for evidence on cash and digital payments in the
new economy. Amongst other things, this explored how the Government can best support
digital payments. The Government will formally respond to the call for evidence in
due course.</p><p> </p><p>The European Commission is in the process of reviewing the
effectiveness of the Interchange Fee Regulation as part of its usual process. The
Payment Systems Regulator, who is the UK’s lead competent authority for the Interchange
Fee Regulation, is also conducting a review into the supply of card-acquiring services.
Amongst other things, this review will examine the fees merchants pay for these services.
The Government has therefore not made a formal assessment of the Interchange Fee Regulation.</p>

According to HMRC statistics, 31,000 innovative finance ISA accounts were subscribed
to during the 2017-18 tax year.<p> </p>The Innovative Finance ISA increases the investment
options available to investors and forms part of the wider ISA family. An attractive
market for peer to peer lending within ISA already exists, with sufficient providers
offering a product which meets the needs of lenders and investors.

<p>The government has not made an assessment of the proportion of productivity growth
in the last five years that is attributable to financial technology.</p><p> </p><p>However,
the Government has taken significant steps to increase competition in financial services,
including creating an environment in which Fintech firms can grow and compete with
incumbents. The Competition and Market Authority has led the Open Banking initiative,
bringing more competition and innovation to financial services. The FCA has also established
the Innovation Hub and Regulatory Sandbox to support Fintech, both of which are held
up as global examples of best practice. Further information on the Government’s efforts
to promote FinTech can be found in the FinTech Sector Strategy, published in March
2018.</p>

<p>The employment rate is currently at a record high of 75.8%.</p><p> </p><p>There
are currently a record 32.5 million people in work. Over the last year, employment
growth has been driven almost entirely by high skilled jobs and full-time workers.</p><p>
</p><p>Since the 2010 election we’ve seen over 3.5 million more people in employment
– equivalent to an average of over 1,000 extra people in work every single day.</p><p>
</p><p>This is alongside an unemployment rate which has not been lower since 1975,
wages growing at the fastest pace in over a decade, and 9 consecutive months of real
wage growth.</p>

<p>DFID’s support will help strengthen developing country capacity to raise domestic
resources, including through assistance in the implementation of international tax
standards. Although many factors impact on revenue growth, so forecasts are not available,
past DFID tax programmes have proved to be great value for money. For example, the
OECD’s Tax Inspectors Without Borders initiative, which assists developing countries
to implement international tax standards, has generated an additional £100 for every
£1 spent on operating costs.</p><p> </p>

<p>Tackling tax evasion is a priority for DFID as part of our Transparency Agenda,
Addis Tax Initiative commitments and the UK Anti-Corruption Strategy.</p><p> </p><p>
</p><p>Since 2013 DFID has supported the Global Forum for the Exchange of Information
for Tax Purposes through its International Tax Transparency Programme. The Global
Forum helps countries tackle tax evasion by strengthening global tax transparency
and international cooperation. The Global Forum now has over 150 members and DFID
supports its Africa Initiative to strengthen transparency and the exchange of information
across Africa.</p><p> </p><p> </p><p> </p><p>HMRC and DFID continues to work alongside
the Global Forum with other jurisdictions such as Egypt, Ghana and Nigeria; alongside
the African Tax Administration Forum in Uganda and independently in Montserrat to
support the implementation of the Automatic Exchange of Information.</p><p> </p><p>
</p><p> </p><p>DFID’s announcement on the 19 February of a new £47m package of support
for Tax for Development will further boost efforts to help countries in Africa and
elsewhere to tackle this important issue.</p><p> </p>

<p>Since 2010 we have significantly lowered the headline rate of Corporation Tax from
28% down to 19% today – the lowest in the G20, with further cuts to 17% legislated
by 2020.</p><p> </p><p>We have also created a world-leading offer on creative sector
tax reliefs, given significant support for R&amp;D investment through the tax system,
and introduced the Patent Box regime to attract international investment in intellectual
property to the UK.</p><p> </p><p>These steps have helped to create a highly competitive
and FDI-friendly business environment.</p>

<p>The only sustainable way to raise wages, boost living standards, and increase growth
is to boost UK productivity.</p><p> </p><p>Since 2010 we have provided over half a
trillion pounds in capital investment, increased investment in skills, and reduced
taxes for businesses. At the Autumn Budget, we took further action to increase productivity.</p><p>
</p><p>Productivity grew by 0.2% in the last quarter (Q4 2018) and is now 1.9% above
its pre-crisis peak. Slow productivity growth since the crisis has not been a phenomenon
exclusive to the UK, but across the G7.</p>

<p>Autumn Budget announced the next steps we are taking to boost productivity. This
includes increasing the National Productivity Investment Fund to more than £37bn to
fund important investments in our infrastructure. We are also setting up the National
Roads Fund which will provide vital improvements to our road network, piloting new
approaches to rural fibre rollout, and supporting new technologies such as artificial
intelligence.</p>

To ask the Secretary of State for Health and Social Care, with reference to the Seventh
Report of Session 2017-19 of the Science and Technology Committee on E-cigarettes,
HC505, what steps he has taken to ensure that the regulatory system for e-cigarettes
is risk-proportionate.

<p>The Government published its response to the Science and Technology Committee on
the 10 December 2018. Good progress is being made on implementing the report’s recommendations:
for example, Public Health England will publish its latest annual evidence review
on e-cigarettes by the end of March 2019 and NHS England is developing guidance on
e-cigarettes for mental health trusts. The Department will continue to monitor progress
as part of its monitoring of the delivery of the Tobacco Control Plan for England.</p><p>
</p><p>The Government believes in proportionate regulation of e-cigarettes, recognising
that they are not risk-free. Through the European Union Tobacco Products Directive
2014/40/EU (TPD), transposed into United Kingdom law by the UK Tobacco and Related
Products Regulations 2016 (TRPR), we have introduced measures to regulate e-cigarettes
to reduce the risk of harm to children, protect against any risk of renormalisation
of tobacco use, provide assurance on relative safety for users, and give businesses
legal certainty. This has enabled the UK to implement appropriate standards for products
whilst allowing smokers to move to e-cigarettes should they wish.</p><p> </p><p>While
the UK Government is a member of the EU it will continue to comply with the requirements
of the EU’s TPD. The Government has made a commitment to review the TRPR by May 2021
to consider its regulatory impact. In addition, as announced in the Tobacco Control
Plan the Government will review where the UK’s exit from the EU offers us opportunities
to re-appraise current regulation to ensure this continues to protect the nation’s
health.</p>

To ask the Secretary of State for Health and Social Care, what progress he has made
on implementing the recommendations accepted by the Government in its response to
the Science and Technology Committee's Seventh Report of Session 2017-19 on E-cigarettes,
HC505.

<p>The Government published its response to the Science and Technology Committee on
the 10 December 2018. Good progress is being made on implementing the report’s recommendations:
for example, Public Health England will publish its latest annual evidence review
on e-cigarettes by the end of March 2019 and NHS England is developing guidance on
e-cigarettes for mental health trusts. The Department will continue to monitor progress
as part of its monitoring of the delivery of the Tobacco Control Plan for England.</p><p>
</p><p>The Government believes in proportionate regulation of e-cigarettes, recognising
that they are not risk-free. Through the European Union Tobacco Products Directive
2014/40/EU (TPD), transposed into United Kingdom law by the UK Tobacco and Related
Products Regulations 2016 (TRPR), we have introduced measures to regulate e-cigarettes
to reduce the risk of harm to children, protect against any risk of renormalisation
of tobacco use, provide assurance on relative safety for users, and give businesses
legal certainty. This has enabled the UK to implement appropriate standards for products
whilst allowing smokers to move to e-cigarettes should they wish.</p><p> </p><p>While
the UK Government is a member of the EU it will continue to comply with the requirements
of the EU’s TPD. The Government has made a commitment to review the TRPR by May 2021
to consider its regulatory impact. In addition, as announced in the Tobacco Control
Plan the Government will review where the UK’s exit from the EU offers us opportunities
to re-appraise current regulation to ensure this continues to protect the nation’s
health.</p>